Copper Prices Rebound on Chinese Demand
Copper prices rose on Thursday as Chinese buyers returned to the market following a recent decline. The metal traded higher despite a US interest rate increase, which strengthened the dollar and typically makes dollar-priced metals more expensive for holders of other currencies.
Benchmark copper on the London Metal Exchange (LME) traded 1.2% higher to $14,408 a metric ton in official rings. This marks a slight recovery from its recent decline, having fallen 4% since reaching a record high of $14,875 a ton on September 10.
Strong physical demand in China can be seen in the Yangshan copper premium, which rose to $118 a ton on Wednesday, its highest since October 2022. Domestic physical market premiums also climbed to 645 yuan a ton on Wednesday, their highest since December 2023.